Home Loans With New Construction

A home loan with new construction provides the consumer with adequate financial assistance to build a new house. This assistance program is the perfect option for those who would rather build a house instead of buying an existing house. Perhaps the individual is disabled and needs a custom built structure that is wheel chair friendly. Building may also be best for someone with a large family in need of more bedrooms. What ever the reason or need, home loans with new construction can help anyone build the house they have been dreaming of.

Lending organizations typically like to pre-qualify home loan with new construction applicants. Prior to the lender issuing the assistance, getting pre-qualified gives peace of mind to the applicants ensuring that they will be able to go forward with the construction. During the home loans with new construction application process, lending organizations will in all cases require the applicant to give them permission to run their credit report. The applicants will need to provide the lender with their social security information, employment history and contact information, provide co-borrower information, provide a co-signer if applicable, etc.

Most financial institutions require that the applicants provide a down payment in the form of cash or collateral. Home loans with new construction programs allow the applicant to use the land that the home will be built on as collateral to secure the loan. This is a unique feature and benefit of these programs. With traditional mortgages, when buying an existing structure, the applicants must finance the home as well as the land. Therefore, a cash down payment is necessary. A home loan with new construction may be a great option for those who do not have the money for a down payment but have already purchased a piece of property.

Taking on any project, whether it be building a new house or applying for home loans with new construction, requires a lot of time and effort not to mention wisdom and becoming aligned with those who are wise. The individual must remember as they begin the financing through a home loan with new construction that God instructs to rely on Him. It is written in His Word: "Except the Lord build the house, they labor in vain that build it" (Psalm 127:1) Asking God for help in choosing a lender and throughout the construction phase will be necessary for completing a successful project.


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